Crypto Trade Group for Circle, Kraken Seeks Clout With PAC to Spread Cash Haul
- Blockchain Association’s PAC to support pro-crypto candidates
- Industry spending tens of millions ahead of November midterms
Blockchain Association Executive Director Kristin Smith
Photographer: Eric Lee/BloombergThe Blockchain Association, a prominent crypto trade group with members that include stablecoin issuer Circle and exchanges Crypto.com and Kraken, is launching its own political action committee. The move represents another attempt from an industry under pressure to push US politics in a more crypto-friendly direction.
As the sector has grown so to has its political spending, with millions of crypto-backed dollars going into candidate’s coffers ahead of November’s congressional elections. Donors from the industry have given $72.8 million to federal candidates and committees from January 2021 through July, a Bloomberg analysis of Federal Election Commission records shows. That total surpasses the $70.6 million given by the oil and gas industry, the $55.4 million given by the transportation sector and the $25.4 million given by the defense companies over the same period.